Kansas Landlord Insurance


Kansas landlord insurance is a cheap way to provide great protection against potential hazards of renting a home. As a rental property owner you know better than most that a successful rental unit must have minimal surprises from both the building and tenant. By surprises we mean the potential damages caused by weather, tenants or other outside forces that can reduce your income stream from that unit. Landlord insurance is a great way to protect your investment and minimize the damage done in the event of a covered peril.

What is a Peril?

Insurance companies use the word peril to describe an exposure to the risk of being damaged or injured. So a common peril that a landlord might incur is a wind storm or water pipe breaking. There are many perils that are listed on a home insurance policy so check yours to confirm what is not covered. Most policies are written in a fashion that states which perils are not covered and anything else is assumed to be covered.

Landlord Liability Insurance

Landlords are exposed to more risk when you rent a home to others so having a good insurance policy is vital. Landlord liability insurance provides coverage in the event a tenant is injured on the property due to the lack of maintenance by the landlord. If the renter is hurt or their property is damaged from this negligence by the landlord the insurance will provide legal help and cover damages.

Get Proper Home Insurance Coverage for Your Rental Property.

When you rent a home to others you need to have landlord insurance to cover the structure in addition to the liability exposure. Many landlords make the mistake of assuming a standard home insurance policy will cover them if they are landlords. You stand to lose a lot of money if the insurance company denies your claim in the event they were never informed that tenants were living there. It is easy and affordable to get landlord insurance from top companies. We can provide quotes from these companies so you can get properly insured.

Can an Insurance Company Refuse to Insure My Home in Kansas?

This is not common but there are cases in which a homeowner or landlord has a property that does not meet the acceptable criteria to be insured. In this case the state of Kansas has created the FAIR Plan or otherwise known as Fair Access to Insurance Requirements. This plan insures properties that have been refused by other companies in KS.

Cost of Landlord Insurance in Kansas

The cost to insure your rental property in KS is dependent upon numerous rating factors that home insurance companies use to determine the proper premium. When you own a condo or townhouse the cost of landlord insurance is very minimal because usually you split that cost with the homeowners association which insurers the exterior of your unit. If you insure a single family home or rental complex then your insurance costs are going to be much higher due to the replacement cost of the building is solely your responsibility.

Here are a few of the most common rating factors that insurance companies use to determine your landlord insurance premium:

  • Credit rating - This is your personal credit rating which is similar to a FICO score but can be based on other specific criteria such as payment history and bankruptcy.
  • Deductible - The higher the deductible the lower the cost of insurance. Don't get a deductible you can't afford if you need to file a claim. The most common deductible is $1000 for all perils.
  • Building type - This can be numerous things including condo, single family, and townhouse including the materials used to construct the property.
  • Claim history - If you have one or more claims in the past 3 years as a homeowner most insurance companies will surcharge your premium. Some companies may not even accept your business if you have more than two.
  • Discounts - If you have more business with an insurance carrier they are more likely to offer discounts to keep all of your business with them.

Kansas' 5 largest cities by population

City -Population

Wichita 382,368

Overland Park 173,372

Kansas City 145,786

Topeka 127,473

Olathe 125,872

*Data from 2010 Census Population by the Department of Economic and Community Development.

Common Landlord Insurance Claims in Kansas

(Most claims cost over $4,900 to repair wind damage)

(Most claims cost over $3,800 to repair damages from water)

(Most claims cost over $3,900 to repair damage from hail)

(Most claims cost over $38,000 to recover damages from liability)

Loss of Rental Income
(Most claims cost over $1,000 to recoup lost rental income)

NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.

Compare Insurance Rates

Related Articles